Fair Market Value vs ready reckoner value

1) I had purchased a 1BHK flat  @ 1.75 Lakhs in 1988.

2) A valuer (Govt regd Valuer)  gave a certificate of Ready reckoner Price of  6,54,815   as on 1st April 2001.

3) My question is whether  FMV ( as termed in ITR-3)  is same as Ready Reckoner  price.

4) My Regd sale price in  june 2023 is 91 lakhs  and Ready reckoner price by dept  is 65 Lakhs.

5) Whether I can take fair market value of property in 2001 as approx 20%/30% more than  ready reckoner price

    

Replies (3)
Quick Summary
This discussion explores the distinction between Fair Market Value (FMV) and Ready Reckoner price, particularly in the context of property transactions and tax filings like ITR-3. The original poster purchased a flat in 1988 and received a Ready Reckoner valuation in 2001. They are seeking clarification on whether FMV, as used in ITR-3, equates to the Ready Reckoner price, especially when current sale prices differ significantly from departmental valuations. Advice suggests obtaining the official price from the Sub-Registrar's office for accuracy.

3.  Yes.

5. No. Get the price from Sub-Registrar office as on 01.04.2001

tHANKS RAMBHIA SAHAB. Appreciate your answer.

You are welcome.               

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